New Oikocredit partnership with cooperative Atuntaqui provides uplift for microfinance and affordable housing in Ecuador

Amersfoort, the Netherlands – Social impact investor and worldwide cooperative Oikocredit has entered into a new partnership with Ecuadorian savings and credit cooperative Atuntaqui, lending US$ 8 million as a contribution to the expansion of its services to members.

Atuntaqui, which operates mainly in northern Ecuador, will use US$ 5.6 million of Oikocredit’s new loan facility to increase its microcredit portfolio, and the balance of US$ 2.4 as lending for affordable housing, covering home and land purchases, construction, repairs and improvements. With Oikocredit’s support, Atuntaqui aims to expand its reach to more people on low incomes.

For Oikocredit, this funding for Atuntaqui’s work combines its long-standing support for microfinance with community-focused financing of affordable housing under the investor’s 2022-2026 strategy, designed to achieve greater social impact and to help low-income communities build resilience.

Alejandro Pazmiño, General Manager of Atuntaqui, said: “For us as a savings and credit cooperative, this agreement with Oikocredit is a source of pride and a historic step. After several months of discussions, we are excited to become partners and to be able to provide microcredit and housing loans to more of our members.”

Patricio Torres, Oikocredit’s Investment Officer for the Andean region, said: “We are very pleased to launch this new partnership with the Atuntaqui cooperative, which promotes financial inclusion and provides community-focused support for housing. Our loan will assist Atuntaqui in enabling more Ecuadorians on low incomes to achieve lives of dignity.”

About Atuntaqui

Cooperativa de Ahorro y Crédito Atuntaqui is a long-running cooperative providing loans and savings products to more than 99,000 members. It has an established presence in northern Ecuador through 12 branches in Imbabura, Tungurahua, Manabi, Carchi and Pichincha provinces and in the capital city of Quito. Its service include online savings, microcredit, housing finance, health insurance, life insurance and utility payments. More than half Atuntaqui’s members are women. For more information, visit www.atuntaqui.fin.ec.

About Oikocredit

Social impact investor and worldwide cooperative Oikocredit has nearly five decades of experience funding organisations active in financial inclusion, agriculture and renewable energy.

Oikocredit’s loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to improve their living standards sustainably.

Oikocredit finances more than 500 partners, with total outstanding capital of € 1,084.7 million (at December 2023). For more information, visit www.oikocredit.coop.

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Note for editors

For more information or to request an interview, please contact: Viviana Cordero, Communications Business Partner, Oikocredit International, telephone: +31 33 422 4040, email: vcordero@oikocredit.org.